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TECHS: CEEMEA FX Price Signal Summary: USDZAR Breaches Support

  • Recent gains in EURHUF gains are considered corrective. The technical condition remains bearish and the downtrend that started Dec 31 is intact. The recent breach of 356.32, Jan 25 low opens 353.15 next, a major support and Dec 14 low.
    • Key resistance is at 361.14, Jan 27 high where a break is required to alter the picture.
  • EURPLN continues to trade closer to recent lows despite today's recovery. The focus remains on support at 4.4657, 76.4% of the rally between Dec 9 - Dec 31.
    • Initial firm resistance is seen at 4.5092, the 20-day EMA.
  • USDZAR weakness extends. The pair has breached support at 14.7667, Jan 21 low. The break lower highlights scope for a test of 14.5037, Dec 25 low where a break would confirm a resumption of the broader downtrend that has been in place since Apr 6, 2020.
    • Key short-term resistance is at 15.1258, Feb 4 high.

  • USDTRY bearish conditions continue to dominate. The recent extension lower exposes 7.00, an important psychological round number. The 20-day EMA at 7.2658 marks a firm resistance.
  • USDRUB is off recent highs and weaker again today. The pair has traded through 73.9111, 76.4% of the rally between Jan 14 - 28. This has exposed 73.0665, Jan 4 low. Key resistance and the bull trigger has been defined at 76.4997, Jan 28 high. Initial resistance is at 74.8816, the 20-day EMA.

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